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Assume the United States economy is currently operating at full employment
A. draw a correctly labeled graph of aggregate demand and aggregate supply and show each of the following.
I Long run Aggregate supply curve.
ii Current output and price level labelled Y1 and Y2 respectively.
B. Now assume the US governement institutes a new tariff on imported goods. On the graph drawn in part a show the effect of this new fiscal policy. label the new equilibrium output and price levels y2 and PL2 respectively.
C. Explain the short run effects of this policy on GDP equilibrium.
The price elasticity of demand is the: a) ratio of the change in price to the change in quantity demanded.
What is the term for a table that shows the relationship between price of a good and quantity supplied?
Suppose the number of points on an economics midterm (P) can be characterized by the following procution function: P=5H-4B; where H is the number of hours spent studying for the exam and B is the number of beers consumed the week before the exam.
Its importance in economics. What market structure does it best fit? As a manager, how might you use it to improve the bottom line? Why is it an important application for business?
1. List and briefly explain three factors in Table 10.5 that make you, or would make you, happy at work. You may include factors that are important to you that are not listed in the table. TABLE 10.5 Factors that make software engineers happy at w..
Changes in the reserve ratio, open market operations, and changes in the discount rate are all tools used by the Fed to
Which of the following expenditures associated with the production of a new high performance SUV will be included in GDP?a. the sale of bonds to finance the construction of the assembly plant.b. the purchase of used welding robots to assemble to vehi..
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Federal government employs a budget plan over several fiscal years that results in significant increases in the national debt, with no relief or plans to deal with the problem.
Assume that there're 10 million workers in Canada and South Korea and each worker in Canada and South Korea can manufacture four cars per year.
Determine which of following independent projects should be selected for investment if $325,000 is available and the MARR is 10 percent per year
Suppose you are asked to address a professional meeting and explain microeconomics, macroeconomics and their differences.
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